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Lowe’s stock falls after 2022 sales guidance misses Street expectations

Lowe’s Cos. LOW, -1.86% stock fell 3.7% in Wednesday premarket trading after the home improvement retailer announced its 2022 guidance, ahead of the company’s outlook webcast. Lowe’s expects 2022 sales of $94 billion to $97 billion, with results impacted by $1 billion to $1.5 billion from a 53rd week. Comp sales are expected to be flat to down 3%, and the company is guiding for EPS of $12.25 to $13.00. The FactSet consensus is for sales of $97.62 billion, comp sales growth of 1.7% and EPS of $12.94. For full-year 2021, the company’s guiding for sales of about $95 billion. The FactSet consensus is for $95.70 billion in sales. The Lowe’s board has authorized a new $13 billion stock repurchase plan that adds to the $7.3 billion remaining in the previous plan, as of Dec. 14, 2021. “We look forward to increasing our long-term operating targets at our next Analyst & Investor Conference in December 2022, when we will provide the building blocks to our next operating margin milestone,” said Lowe’s Chief Financial Officer David Denton in a statement. Lowe’s is scheduled to report fourth-quarter earnings on Feb. 23, 2022, according to a FactSet calendar. The company’s stock has rallied 57.3% for the year to date while the S&P 500 index SPX, -0.75% has gained 23.4% for the period.

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